Ray R. Irani (born 1 June 1945) is a Lebanese‑born American businessman who served as the chairman, president, and chief executive officer (CEO) of Occidental Petroleum Corporation (Oxy) from 2002 until his retirement from the board in 2015. His tenure at Oxy spanned more than four decades, during which he held various senior positions in the company's exploration, production, and corporate affairs divisions.
Early life and education
Ray R. Irani was born in Beirut, Lebanon. He immigrated to the United States for higher education, earning a Bachelor of Science in chemical engineering from the University of Texas at Austin in 1970. He subsequently obtained a Master of Business Administration (MBA) from Harvard Business School in 1972.
Career
Occidental Petroleum
- 1972–1994: Joined Occidental Petroleum as a petroleum engineer, progressing through technical and managerial roles including Vice President of Exploration and Production.
- 1994–2002: Appointed President and Chief Operating Officer (COO) of the company.
- 2002–2015: Succeeded Douglas S. Perkins as Chairman, President, and CEO. Under his leadership, Oxy expanded its global upstream portfolio, increased production volumes, and pursued strategic acquisitions, notably the 2004 purchase of a 50% interest in the Argentine Vaca Muerta shale formation.
Board Memberships and Directorships
Irani has served on the boards of several corporations and nonprofit organizations, including the board of directors of Aflac Inc., and as a trustee for the University of Texas System. He has also participated in industry associations such as the American Petroleum Institute.
Compensation and Controversy
Irani’s compensation package, particularly during the 2010–2012 period, attracted public and shareholder scrutiny. In 2011, Occidental Petroleum disclosed that Irani received total compensation exceeding $340 million, a figure that placed him among the highest‑paid CEOs in the United States. Critics argued that the compensation was disproportionate relative to company performance metrics, prompting proxy adviser firms and some institutional investors to issue recommendations against re‑electing him to the board. The company defended the package as aligned with long‑term value creation and shareholder interests.
Philanthropy and Honors
Irani has contributed to educational and cultural institutions, including endowments at the University of Texas at Austin and support for the American Lebanese Cultural Center. He has received recognitions such as the “Distinguished Engineer” award from the Society of Petroleum Engineers.
Retirement
In April 2015, Irani announced his retirement from the board of Occidental Petroleum, succeeded as chairman by Stephen J. Calk. He remains active in advisory capacities within the energy sector.
Personal life
Irani is a naturalized United States citizen. He resides in Texas and maintains involvement in several charitable initiatives focused on education and cultural exchange between the United States and Lebanon.